Flexible features to look for in a home loan

When it comes to home loans, it’s not one-size-fits-all. The key is to find a loan that aligns with your current situation and future plans.

Whether you're a first-time buyer, looking to refinance, or planning for the future, there are flexible solutions available to meet your needs.

Here are some of the key features to look for to help tailor a home loan to you.

Flexible repayment

Home loans that allow you to choose how often you repay (weekly, fortnightly or monthly) gives borrowers the ability to align repayments with their cashflow. This flexibility can help you manage your finances effectively without unnecessary stress.

Loan splitting

Splitting your home loan allows you to divide your loan into two or more parts. For example, you could have part of your loan as a fixed interest rate and the other with a variable rate. This approach could see you enjoy the benefits of both types of loans.

Redraw facility

Want to make extra payments towards your home loan? A redraw facility allows you to access any repayments you make above the minimum required repayments. It can come in handy to help you pay for unexpected expenses such as an investment opportunity, or on planned purchases like a new car.

Offset account

An offset account is a transaction account linked to your home loan. Just like any transaction account, you can use it for your daily expenses. The difference with an offset account is that the money in it offsets your home loan balance, so you pay less interest on your home loan while still having access to your funds.

Finding a lender

While navigating the home loan market can be complex, speaking to a mortgage broker could help you find a solution to fit your financial goals sooner.

Together, you can explore options from free-thinking lenders to uncover even more solutions to get you closer to your new home.

If you’re ready to step into homeownership, speak with your local Liberty adviser today.